More reform possible with higher economic growth, says Somkid

By WICHIT CHAITRONG 
THE NATION

 

Deputy Prime Minister Somkid Jatusripitak

 

HIGHER ECONOMIC growth has built a strong momentum for the country’s reforms, said Deputy Prime Minister Somkid Jatusripitak.

 

In an exclusive interview with Nation Multimedia Group, Somkid yesterday said that accelerated economic growth in the first quarter this year is not beyond his expectations, and that growth would be above 4 per cent for the year.

 

He pointed to 4.8 per cent growth in the first quarter this year due to increased public investment, private investment, consumption, exports and rising numbers of foreign tourists.

 

“Higher economic growth has built momentum for reforms ... which is the duty of every party. Those who win the next election must carry on the reforms,” said Somkid.

 

“But we should not get excited about the high-growth numbers, since a slower growth cycle will return if there is no reform,” he warned. 

 

Somkid defended his government against growing criticism over a lack of successful reform during the past four years under the junta. Reform could not take place during a period of economic hardship, he insisted.

 

“How do we start reform when there is no money in our pocket?” he asked, referring to economic growth of below 4 per cent annually over the past four years since the military coup.

 

Thailand’s National Economic and Social Development Board (NESDB) raised its forecast for this year’s economic growth from 3.6-4.6 per cent to 4.2-4.7 per cent after the year’s first quarter growth improvement.

 

The NESDB expects exports to grow 8.9 per cent for 2018, with public spending likely to rise 3 per cent and private investment in the order of 3.9 per cent. Private consumption is estimated to increase 3.7 per cent. 

 

Source: http://www.nationmultimedia.com/detail/business/30345956

 

-- © Copyright The Nation 2018-05-22

"HIGHER ECONOMIC growth has built a strong momentum for the country’s reforms, said Deputy Prime Minister Somkid Jatusripitak."

 

However, he fails to list the "reforms" to which he is referring. One can be assured that Democracy is not one of them.

1 hour ago, webfact said:

“How do we start reform when there is no money in our pocket?” he asked, referring to economic growth of below 4 per cent annually over the past four years since the military coup.

How do we spend billions on unnecessary submarines when there is no money in our pocket?

2 hours ago, webfact said:

growth would be above 4 per cent for the year

and then there is that from another The Nation article today:

 

Dear Somkid, you have done your masters proud. Here's a bone for you, good boy.

 

3 hours ago, webfact said:

Private consumption is estimated to increase 3.7 per cent. 

Now that I can believe if he is talking about alcohol !

5 minutes ago, RichardColeman said:

3 hours ago, webfact said:

Private consumption is estimated to increase 3.7 per cent. 

Now that I can believe if he is talking about alcohol !

If so, I just hope he isn't referring to the ABV - increase?

 

Edited May 22, 20188 yr by bluesofa

What reform? 

I not see.